Tag: gold market update

  • Gold price climbs Rs2,000 to Rs262,100 per tola after two consecutive declines

    Gold price climbs Rs2,000 to Rs262,100 per tola after two consecutive declines

    Gold prices in Pakistan saw a significant rise on Thursday, with the rate of 24-karat gold increasing by Rs2,000, reaching Rs262,100 per tola, according to the Karachi Sarafa Association.

    The price for 10 grammes of 24-karat gold also climbed, standing at Rs224,708, an increase of Rs1,714.

    Meanwhile, 22-karat gold was priced higher at Rs205,983 per 10 grammes, reflecting the overall upward trend in the market.

    In contrast, silver prices remained stable, with 24-karat silver holding steady at Rs2,900 per tola and Rs2,486 per 10 grammes.

    On the international market, spot gold traded at $2,504 per ounce, marking an increase of $8.9, or 0.36 per cent, from the previous session.

  • Local gold price rises by Rs2,500, reaching Rs245,000 per tola

    Local gold price rises by Rs2,500, reaching Rs245,000 per tola

    Gold prices in Pakistan increased on Friday, reflecting a similar upward trend in the international markets.

    The price per tola (approximately 11.66 grammes) of gold reached Rs245,000, marking a single-day increase of Rs2,500. This comes after a modest gain of Rs500 on Thursday.

    The rates for 10 grammes of gold also saw a significant uptick, reaching Rs210,048 following a rise of Rs2,143, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    This surge in local prices corresponds with a jump in international gold prices, which rose by $21 per ounce to settle at $2,343 (including a premium of $20) on Friday.

    Despite these increases in gold prices, silver rates remained unchanged, with the price per tola staying steady at Rs2,650.

    The recent volatility in gold prices underscores the impact of international market trends on the local Pakistani market.

    Last week, the price of gold reached an all-time high in Pakistan, with a tola selling for Rs252,200.

    The fluctuations in precious metal prices are closely monitored by investors and consumers alike, as they reflect broader economic trends and market sentiments.

    For gold traders and investors in Pakistan, these price shifts suggest a continuing trend of fluctuation, likely influenced by global economic factors and investor demand.

    The APGJSA will continue to provide updates on market trends and price changes as they occur.

  • MQM apologises for May 12 tragedy after 15 years

    MQM apologises for May 12 tragedy after 15 years

    Muttahida Qaumi Movement-Pakistan (MQM-P) convener Khalid Maqbool Siddiqui apologised for his party’s “misjudgement” during the May 12 tragedy that saw around 50 people lose their lives to riots back in 2007 in Karachi.

    “MQM should have tendered an apology and I apologise for that. And this apology is for making a wrong judgement,” said Siddiqui.

    “We had been used and we regret that but that was not our intention and this is not how we function as a party,” he insisted.

    Siddiqui admitted that MQM-P had a “slightly weakened ideologically”. However, he expressed hope that his party would again produce a new crop of young leaders who will “prove to be the future of the country”.

    “We were accused of hatching a conspiracy and holding a Jinnahpur map and we were also called traitors. If this was the reality, then why was the MQM not banned?” he asked.

    On May 12, 2007, overthrown Chief Justice of the Supreme Court (SC), Iftikhar Mohammad Chaudhry, was scheduled to visit Karachi and take part in a function organised by the Sindh High Court Bar Association.

    Members of civil society, including lawyers, were not allowed to reach the airport to welcome the then chief justice, thus leading to clashes between the supporters of the judge and the then-MQM member. Nearly 50 people lost their lives and hundreds of others were wounded that day.